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Jan 17 - 07:24 AM

NZD/USD - COMMENT-December Highs In Sight If Kiwi Plays The Growth Card

Published on Jan 17 - 05:00 AM

New Zealand growth could benefit if tourists shy away from Australia's bushfire damage, and AUD/NZD losses suggest the market expects a boost in growth.
The Kiwi looks to be pulling in support from a number of areas, and as the technical picture improves a run back to the Dec.
31 high of 0.6755 can't be ruled out.
A strong hammer candle signal Wednesday set off a small stampeded by the bulls.
A 1.2% gain to a 0.6664 Thursday high took the heat out of the 0.6755 to 0.6586 early January drop, and despite trading just off the recovery high the bid is holding early Friday.
Looking ahead, the fundamental backdrop could underpin further NZD gains.
Upbeat Chinese industrial data, in-line GDP and a hint of more economic stimulus nB9N28C01MnL4N29M0E9 can only be good news for the Kiwi.
With China-U.S.
trade negotiations focused on phase 2, the near-term outlook favours further NZD gains.



AUD/NZD Daily Chart: Click here

NZD/USD Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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